Which of the Following Is the Record Holding All the Accounts,the

question 97

Multiple Choice

Which of the following is the record holding all the accounts,the changes in those accounts,and their balances?

• A) Source document
• B) Journal
• C) Ledger
• D) Trial balance

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Definitions:

Fair Value

The estimated price at which an asset could be bought or sold in a current transaction between willing parties.

GAAP

Generally Accepted Accounting Principles, a set of rules and standards for financial reporting used in the United States.

Assets Reporting

The process of documenting and disclosing the value and details of a company’s assets in financial statements.

Net Assets

The total value of all a company's assets after subtracting liabilities; an indication of the company's net worth.